Wait for the Tightening

Only after a tightening takes place will you really be able to buy stocks and sleep at night, Cramer says.
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Buy the tightening.

I have heard this phrase no less than five times in the last 24 hours. I love it. I am early on this one, and I think by the time you read or hear about it in the so-called conventional press, it will be too late and I will be selling on the tightening!

Actually, the market does have that feeling. We are due for various oversold bounces and then further declines, range bound, with a lower bias, and then we will get some tightening off of some number (not pre-emptively and before a meeting is the betting here) and you will have to buy them.

Bonds are still in charge. That's the unfortunate reality, and it is why every day the market whips this way and that. There is no conviction because the bonds give you no conviction.

Until we get the data that support the case that the

Fed

will tighten and then the Fed tightens, I fear that every up-100 move will be bookended by a down-120 move. Periodically, we will have a "soft" number which will give us a plus-120 move that will then be followed by a down-100 move.

But you won't be able to

buy

them -- meaning go home with them with no worries -- until the darned tightening happens.

So there is no reason to get carried away about either direction. Hyperbole to the upside or the downside makes no sense right now.

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund had no positions in any stocks mentioned. His fund often buys and sells securities that are the subject of his columns, both before and after the columns are published, and the positions that his fund takes may change at any time. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Cramer's writings provide insights into the dynamics of money management and are not a solicitation for transactions. While he cannot provide investment advice or recommendations, he invites you to comment on his column at

letters@thestreet.com.